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Equifax settlement: What the data breach settlement means for New Yorkers

New York will receive $19 million and more than 8.5 million residents will be eligible for relief as part of a settlement Monday with credit giant Equifax because of a massive data breach in 2017, state officials announced.

The national settlement with Equifax requires the Atlanta-based company to pay at least $575 million across the 50 states, including $300 million for free credit-monitoring services, $175 million to states and $100 million in penalties to the federal Consumer Financial Protection Bureau.

New York will get about $9 million through the multi-state settlement. The state Department of Financial Services separately investigated Equifax’s security practices leading to an additional $10 million fine, bringing New York’s total compensation to $19.2 million.

“Equifax put profits over privacy and greed over people, and must be held accountable to the millions of people they put at risk,” Attorney General Letitia James said in a statement.

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